According to recent reports, the Coinbase cold wallet contains 966,230 Bitcoins worth $ 7 billion. The stock market is becoming a “bank ayan that stores an increasing number of crypto currencies deposited.
How much crypto currency does each stock market hold in its cold wallet? As Coinbase moves towards becoming the world's largest stock exchange with crypto assets, the numbers will probably shock you.
Coinbase Holds Over 7 billion Bitcoins
According to a recent publication in r / Bitcoin, which includes data from BitUniverse, the Coinbase exchange holds the flag with a large margin in crypto currency businesses.
The crypto currency exchange giant only holds 966,230 BTCs in Bitcoin, which is exactly $ 7.17 billion. All of these crypto assets are covered by Coinbase's custody services. Although there is no direct access to these assets because it does not belong to the stock exchange, it still has private keys.
Other exchanges lag behind Coinbase, but they still have a large amount of cold wallets from depositors and their own funds. BitMEX has BTC 265.140 ($ 1.94 billion), while Bitstamp ranks third with 229,490 BTC ($ 1.67 billion). Other exchanges of assets under security include Bitfinex (146,120 BTC), Kraken (136,780 BTC), Bittrex (131,340 BTC) and Coincheck (35,090 BTC).
A Possible Security Risk?
Depending on how you look at it, you may see it as an appropriate decentralization error. In the event of a security breach, there are only large amounts of assets managed by a stock market and asset arm. Some commented that this development is evidence of the assets of stock exchanges such as “banks ve and poses a serious problem in the sector.
However, this may not be a problem for a short period, as some exchanges are moving towards decentralization. Binance announced its decentralized exchange this year, and time plans to pass it completely. Coinbase, on the other hand, has not fulfilled such decentralized dreams and plans to continue working as it does. Therefore, these assets may remain under the management of several central entities for a period of time, thereby potentially increasing the risk of crypto assets.
This does not necessarily mean that we need to worry about risking these cold wallets. Coinbase is not only FDIC insured, but also has some of the best security in the entire industry. However, these numbers should pause us. The crypto currency field is always on its way to olma becoming its own bank.. The fact that users are increasingly relying on stock exchanges to store their crypto assets tells a different story.
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